Innovation Management

Innovation management refers to the active coordination, management and overseeing of activities, decisions, and policies that lead to the creation of new processes, products, or business areas.
It allows for advancement in technology, creative problem-solving and potentially gaining a competitive edge over other businesses.
Innovation management is crucial in product design as it encourages novelty and refinement of products or processes.

Type of Innovations

Product innovation: This involves improvement in the characteristics or functionality of existing products, or the creation of entirely new products.
Process innovation: This type of innovation seeks to make improvements to the procedures or systems that contribute to the final product, which often results in increased efficiency and cost reduction.

Role of Innovation Management in Product Development Process

Idea Generation: The innovation management process starts with idea generation, where a range of inventive and novel ideas are brainstormed and collected.
Idea Screening: The next step is idea screening, where potential ideas are reviewed, and those that do not align with the strategy or objectives are filtered out.
Concept Testing: In this phase, the viable ideas are tested through market research methods to gain insights and understanding about the potential market and customer base.
Development and Testing: Ideas deemed viable are then moved into the development stage, where prototypes are built and tested. Iterative changes are done based on feedback obtained.
Approval and Launch: If initial testing proves successful, the product is approved for production. Strategies are developed for introduction to the market.

Innovation Management Methods

Forced Associations: This method involves taking two unrelated concepts or objects and forcing a connection between them. This can lead to unique and creative solutions.
Brainstorming: A free-thinking, open group discussion designed to encourage a wide range of ideas.
Mind Mapping: A diagram used for visually organizing information. A central concept is put in the centre of the map, with related ideas branching out.

Difficulties in Innovation Management

Resistance to Change: People often resist changes, and so do organizations. Managing this resistance is one of the biggest challenges in innovation management.
Cost: The cost of innovation can be large. Allocating the necessary funds while still staying competitive can be difficult.
Risk Management: There’s inherent risk in trying something new. Managing this risk is an important part of innovation management.

In summary, understanding how to manage and balance new and existing operations, assess risk and resistance, and applying innovative process methodologies is vital in maintaining a competitive edge in design and technology.